Which is the following is true about your pension?a) You can name someone other than your spouse as the beneficiary without your spouseknowing itb) You must have your spouse's permission to name somebody else as a beneficiaryc) The funds in your pension plan disappear if you die prior to retirement.d) The person(s) named in your will have to be the same people named as beneficiaries ofyour pension plan.Which of the following statements is true?a.You are foolish to contribute to a 401k plan.b.You are foolish not to contribute to a 401k plan up to your employer's matching amount.Earnings on a 401k plan are taxed as they accumulate.d. Money going into a 401k plan is after tax money.c.Most public school teachers and governmental employeesa.do not have a defined benefit pension planb.are at the mercy of the stock market to determine the amount of pension they receivec. don't get a pension other than social securityd.have a defined benefit pension plan

Consent rules with respect to qualified plants stem from the retirement equity act of 1984. As a…

Answered: Which is the following is true about…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is Social Security and what are some of the benefits/advantages? There are different types of beneficiaries. Name as many as you can. What age can you begin drawing for old age Benefits? What are some of the reasons that you may want to WAIT to begin drawing Social Security?
Define the following: Couples filing jointly (even when participating in a retirement plan at their places of work) can open this type of account as long as their adjusted gross income is less than $193,000.
The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit plans, but no such requirement exists for other postretirement benefits such as health insurance. Evaluate whether there should be a requirement that other postretirement benefits be funded.
The two main types of pension plans are defined benefit plans and defined contribution plans. Explain the difference between the two. How does the accounting for each differ?
Your client is planning to retire in 2018, he is 70 years old. Are there any issues he may face in regards to distributions from qualified retirement plans.
What is the maximum amount a 55-year-old taxpayer and 52-year-old spouse can put into a Traditional or Roth IRA for 2021, assuming they earn $70,000 in total and are not participants in pension plans?
In pension planning, some people rely on the Social Security system fortheir entire retirement program. Using two groups, have one argue forSocial Security and have one argue against the system.
life insurance proceeds paid to a beneficiary because of the insured's death is taxable. true or false
Which statement describes a technique used to address the issue of ensuring the payment of adequate child support by a noncustodial parent when the parents of minor children are divorced? A) A provision in the noncustodial parent's will leaving property to the minor will solve this concern. B) To ensure that child support payments are continued if the noncustodial parent dies or becomes disabled before such payments are to cease, the parents must enter into a nuptial agreement. C) An irrevocable trust established and funded by the noncustodial parent to ensure payment of child support can be a valuable tool to protect such assets from the claims of future creditors of the noncustodial parent. D) Insurance on the life of the noncustodial parent must be owned by an irrevocable life insurance trust to prevent the noncustodial parent from changing the beneficiary.
Sandeep Parikh purchased a variable life (VL) Insurance policy from the Homerun Insurance Company. Assuming Mr. Parikh's policy is a typical VL policy, it is correct to say that A )the subaccount investments of Mr. Parikh's VL policy are part of Homerun's separate account rather than its general account B) this policy provides a death benefit that remains constant throughout the life of the policy C) this policy offers Mr. Parikh a guaranteed minimum cash value D) Homerun alone assumes the investment risk for this policy
Please don't use Ai solution
A defined benefit plan is one in which: A.) The employer promises specified payments to employees on their retirement. B.)The specific provisions are defined by the Internal Revenue Code. C.) The specific provisions are defined by the Uniform Code of Retirement Plans. D.) The employee can specify the mix of benefits (e.g., health, pension, insurance) that will be received on retirement.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS